Unit 9 Review: Question Preview (ID: 17573)

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Which major industry is the GDP of Nigeria dependent upon?
a) petroleum
b) silver
c) gold
d) manufacturing

The best description of South Africa’s economy today is:
a) a mixture of private and government-owned businesses
b) businesses controlled by European investors
c) mainly government-owned businesses
d) the economy is based on customs and beliefs

Although South Africa has a diverse economy, the country benefits from having large quantities of:
a) gold, diamonds, and uranium
b) copper and zinc
c) iron ore and coal
d) bauxite, platinum, and lead

How does Nigeria's high amount of oil production affect its economy?
a) It makes the GDP more dependent on oil production.
b) It makes the GDP more dependent on agriculture.
c) It makes the GDP inaccurate because there is only one major resource in the country.
d) It makes the GDP inaccurate because there is little industry.

A tax on imports is a(n):
a) tariff
b) quota
c) embargo
d) subsidy

The government makes all economic decisions in a:
a) command economy
b) market economy
c) mixed economy
d) traditional economy

The money spent to train and educate citizens to use new technology is called:
a) human capital
b) capital goods
c) entrepreneurship
d) natural resources

Which of these must be present for international trade to be successful?
a) a system for exchanging currencies
b) a system for raising taxes
c) a system for securing borders
d) a system for imposing protective tariffs

During the 1980s, several countries limited their trade with South Africa to show their disapproval of the policy of apartheid. These countries were using a trade barrier known as a(n)
a) embargo
b) tariff
c) quota
d) subsidy

Nigeria makes almost all of its money from the sale of oil. This is an example of:
a) specialization
b) a trade barrier
c) a quota
d) a capital good

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